How Do 2011 West Hawaii Real Estate Stats Compare to Previous Years?
Stat-a-palooza time now that 2011 is over and the new year begun. We put together some interesting stats for West Hawaii condo and residential sales. These stats cover the area from Keauhou to Waimea (TMK 3-6 and 3-7).
It’s interesting to note here how similar these graphs are even though one could make the case that many condo buyers are second home buyers and many residential buyers are not. Nevertheless, the graphs show an up-turn in the years the financial crisis was erupting and a steep decline starting several years before.
Now, let’s look at prices over the same period of time:
Again the graphs are similar and both show a price decline that is in its sixth year. So, unit sales are picking up as prices continue to decline. Clearly a buyer’s market, as they scoop up bargains at prices that might not be seen again for some time. We know that inventories are very low and it will be interesting to see how that affects prices in the coming year.
At some point, the laws of supply and demand will kick in, and prices are bound to stabilize and turn again. We already have clients who would like to purchase a second home and can’t find what they want because the inventory in some condo complexes is slim or non-existent.
Our advice to potential buyers and clients who have been looking for the opportunity to purchase in Hawaii is to start looking for what you want now. It may take a while to find and we think there is greater upside potential for prices than downside.
For more detailed market information contact us.